Park-Ohio (PKOH) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	PARK OHIO HOLDINGS CORP
Entity Central Index Key	76,282
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		12,283,824

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 60.4	$ 62
Accounts receivable, less allowances for doubtful accounts of $2.8 in 2016 and $3.3 in 2015	212.1	199.3
Inventories, net	253.4	249
Unbilled contract revenue	26.7	26.5
Other current assets	15.8	12.8
Total current assets	568.4	549.6
Property, plant and equipment, net	149.8	151.3
Goodwill	82.5	82
Intangible assets, net	91.6	92.8
Other long-term assets	68	66.4
Total assets	960.3	942.1
Current liabilities:
Trade accounts payable	135.4	129.7
Accrued expenses and other	109.2	95.5
Total current liabilities	244.6	225.2
Long-term liabilities, less current portion:
Debt	439.6	445.8
Deferred tax liabilities	20.6	20.4
Other postretirement benefits and other long-term liabilities	37.2	38.5
Total long-term liabilities	497.4	504.7
Capital stock, par value $1 a share
Serial preferred stock: Authorized -- 632,470 shares: Issued and outstanding -- none	0	0
Common stock: Authorized -- 40,000,000 shares; Issued -- 14,682,151 shares in 2016 and 14,653,985 in 2015	14.7	14.7
Additional paid-in capital	101.5	99
Retained earnings	169.5	168.3
Treasury stock, at cost, 2,398,328 shares in 2016 and 2,383,903 shares in 2015	(47.1)	(46.7)
Accumulated other comprehensive loss	(27.2)	(30)
Total Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity	211.4	205.3
Noncontrolling interest	6.9	6.9
Total equity	218.3	212.2
Total liabilities and shareholders' equity	$ 960.3	$ 942.1

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2.8	$ 3.3
Capital stock, par value (in dollars per share)	$ 1	$ 1
Serial preferred stock, shares authorized (in shares)	632,470	632,470
Serial preferred stock, shares issued (in shares)	0	0
Serial preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	14,682,151	14,653,985
Treasury stock, shares (in shares)	2,398,328	2,383,903

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 328	$ 374.7
Cost of sales	280.2	316.3
Gross profit	47.8	58.4
Selling, general and administrative expenses	32.5	34.1
Asset impairment	4	0
Operating income	11.3	24.3
Interest expense	7.1	6.8
Income before income taxes	4.2	17.5
Income tax expense	1.5	6.4
Net income	2.7	11.1
Net income attributable to noncontrolling interest	0	(0.3)
Net income attributable to ParkOhio common shareholders	$ 2.7	$ 10.8
Earnings per common share attributable to ParkOhio common shareholders:
Basic (in dollars per share)	$ 0.22	$ 0.89
Diluted (in dollars per share)	$ 0.22	$ 0.87
Weighted-average shares used to compute earnings per share:
Basic (in shares)	12,076,815	12,165,884
Diluted (in shares)	12,216,592	12,423,458
Dividend per common share (in dollars per share)	$ 0.125	$ 0.125

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 2.7	$ 11.1
Other comprehensive income:
Foreign currency translation gain (loss)	2.6	(5.3)
Pension and postretirement benefit adjustments, net of tax	0.2	0.2
Total other comprehensive income (loss)	2.8	(5.1)
Total comprehensive income, net of tax	5.5	6
Comprehensive income attributable to noncontrolling interest	0	(0.3)
Comprehensive income attributable to ParkOhio common shareholders	$ 5.5	$ 5.7

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Shares, Issued at Dec. 31, 2015		14,653,985
Beginning balance at Dec. 31, 2015	$ 212.2	$ 14.7	$ 99	$ 168.3	$ (46.7)	$ (30)	$ 6.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	5.5			2.7		2.8	0
Share-based compensation expense and award activity (in shares)		28,166
Share-based compensation expense and award activity	2.5		2.5
Dividends	(1.5)			(1.5)
Purchase of treasury stock (in shares)					14,425
Purchase of treasury stock (14,425 shares)	(0.4)				$ (0.4)
Shares, Issued at Mar. 31, 2016		14,682,151
Ending balance at Mar. 31, 2016	$ 218.3	$ 14.7	$ 101.5	$ 169.5	$ (47.1)	$ (27.2)	$ 6.9

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income	$ 2.7	$ 11.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7.4	7
Asset impairment	4	0
Share-based compensation	2.5	1.6
Changes in operating assets and liabilities:
Accounts receivable	(11.6)	(12.8)
Inventories and other current assets	(6.1)	(15.8)
Accounts payable and accrued expenses	16.9	11.1
Other	(5.7)	(1.2)
Net cash provided by operating activities	10.1	1
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(8.9)	(11.5)
Net cash used by investing activities	(8.9)	(11.5)
FINANCING ACTIVITIES
Proceeds from term loans and other debt	4.7	2.4
Payments on term loans and other debt	(1.1)	(0.1)
(Payments on) proceeds from revolving credit facility, net	(4.5)	1.7
Payments on capital lease facilities, net	(0.7)	0
Dividends	(1.5)	(1.6)
Purchase of treasury stock	(0.4)	(1.1)
Other	(0.1)	0
Net cash (used) provided by financing activities	(3.6)	1.3
Effect of exchange rate changes on cash	0.8	(2.1)
Decrease in cash and cash equivalents	(1.6)	(11.3)
Cash and cash equivalents at beginning of period	62	58
Cash and cash equivalents at end of period	60.4	46.7
Income taxes paid	0.8	1.3
Interest paid	$ 1.5	$ 1.3

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries (collectively, “we”, “our” or the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in the prior years’ financial statements have been reclassified to conform to the current year presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three -month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” The amendment requires an entity to present debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the debt issuance costs will continue to be reported as interest expense. In August 2015, the FASB issued an amendment to this standard to address line of credit arrangements, which would allow an entity to present debt issuance costs as an asset and subsequently amortize the debt issuance costs ratably over the term of the line of credit arrangement. The Company adopted this ASU during the first quarter of 2016 and applied this standard retrospectively to 2015. The new guidance only impacted the presentation of the Company's financial position and did not materially affect the Company's results of operations or other financial statement disclosures. Refer to Note 9 for the impact on our consolidated balance sheets. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in this update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The Company adopted this ASU during the first quarter of 2016. There was no impact to our consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which was the result of a joint project by the FASB and International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. generally accepted accounting principles and International Financial Reporting Standards. The issuance of a comprehensive and converged standard on revenue recognition is expected to enable financial statement users to better understand and consistently analyze an entity’s revenue across industries, transactions, and geographies. The ASU will require additional disclosures to help financial statement users better understand the nature, amount, timing, and potential uncertainty of the revenue that is recognized. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The ASU will require either retrospective application to each prior reporting period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. The Company is currently evaluating the impact of adopting this guidance. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory." The amendment requires an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. This ASU is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The new guidance will be applied prospectively. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The FASB also is addressing measurement of credit losses on financial assets in a separate project. This ASU is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The new guidance will be applied prospectively. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” The amendment establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than twelve months. This ASU is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial application. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the FASB issued ASU 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The amendment simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The ASU is effective for fiscal years beginning with the first quarter of 2017, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance.

Segments

Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segments	Segments The Company operates through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. Supply Technologies provides our customers with Total Supply Management™ services for a broad range of high-volume, specialty production components. Total Supply Management™ manages the efficiencies of every aspect of supplying production parts and materials to our customers’ manufacturing floor, from strategic planning to program implementation, and includes such services as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services and ongoing technical support. Assembly Components manufactures cast aluminum components, automotive and industrial rubber and thermoplastic products, gasoline direct injection systems, fuel filler and hydraulic fluid assemblies for automotive, agricultural equipment, constructions equipment, heavy-duty truck and marine equipment industries. Assembly Components also provides value-added services such as design and engineering, machining and assembly. Engineered Products operates a diverse group of niche manufacturing businesses that design and manufacture a broad range of high quality products engineered for specific customer applications, such as induction heating and melting systems, pipe threading equipment, machined locomotive crankshafts and camshafts and various forged and machined products. Engineered Products also produces and provides services and spare parts for the equipment it manufactures. The Company primarily evaluates performance and allocates resources based on segment operating income as well as projected future performance. Segment operating income is defined as revenues less expenses identifiable to the product lines included within each segment. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs, which includes, but is not limited to executive compensation, corporate office costs and other income or expense items, as well as non-cash charges and net interest expense. Results by business segment were as follows: Three Months Ended 2016 2015 (In millions) Net sales: Supply Technologies $ 129.9 $ 151.4 Assembly Components 131.7 140.5 Engineered Products 66.4 82.8 $ 328.0 $ 374.7 Income before income taxes: Supply Technologies $ 10.2 $ 14.2 Assembly Components 10.2 10.6 Engineered Products 1.4 6.2 Total segment operating income 21.8 31.0 Corporate costs (6.5 ) (6.7 ) Asset impairment (4.0 ) — Interest expense (7.1 ) (6.8 ) Income before income taxes $ 4.2 $ 17.5 March 31, 2016 December 31, 2015 (In millions) Identifiable assets: Supply Technologies $ 275.7 $ 276.3 Assembly Components 346.1 344.8 Engineered Products 271.3 243.1 General corporate 67.2 77.9 $ 960.3 $ 942.1

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Accounts Receivable	Accounts Receivable We sell accounts receivable to reduce accounts receivable concentration risk and to provide additional financing capacity. The following table summarizes accounts receivable sold and the losses recorded on the sales of accounts receivable. Three Months Ended March 31, 2016 2015 (In millions) Accounts receivable sold $ 21.2 $ 26.1 Loss on sale of accounts receivable $ (0.1 ) $ (0.1 ) The loss on the sale of accounts receivable is recorded in selling, general and administrative expenses. These losses represent the implicit interest on the transaction.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventory consist of the following: March 31, 2016 December 31, 2015 (In millions) Finished goods $ 147.0 $ 147.5 Work in process 39.4 37.4 Raw materials and supplies 67.0 64.1 Inventories, net $ 253.4 $ 249.0

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying amount of goodwill by segment for the periods ended March 31, 2016 and December 31, 2015 were as follows: Supply Technologies Assembly Components Engineered Products Total (In millions) Balance at January 1, 2015 $ 7.6 $ 54.0 $ 27.9 $ 89.5 Acquisition adjustments — 0.1 (6.3 ) (6.2 ) Foreign currency translation (0.4 ) — (0.9 ) (1.3 ) Balance at December 31, 2015 7.2 54.1 20.7 82.0 Foreign currency translation (0.1 ) — 0.6 0.5 Balance at March 31, 2016 $ 7.1 $ 54.1 $ 21.3 $ 82.5

Other Intangible Assets

Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets	Other Intangible Assets Information regarding other intangible assets as of March 31, 2016 and December 31, 2015 follows: March 31, 2016 December 31, 2015 Weighted Average Useful Life Acquisition Cost Accumulated Amortization Net Acquisition Cost Accumulated Amortization Net (In millions) Non-contractual customer relationships 11.8 years $ 76.4 $ 19.8 $ 56.6 $ 76.0 $ 18.5 $ 57.5 Indefinite-lived tradenames * 18.7 * 18.7 18.7 * 18.7 Technology 18.6 years 16.1 1.2 14.9 15.9 0.9 15.0 Other 8.7 years 4.1 2.7 1.4 4.1 2.5 1.6 Total $ 115.3 $ 23.7 $ 91.6 $ 114.7 $ 21.9 $ 92.8 * Not applicable, tradenames have an indefinite life. Information regarding amortization expense of other intangible assets follows: Three Months Ended March 31, 2016 2015 (In millions) Amortization expense $ 1.6 $ 1.7

Accrued Warranty Costs

Accrued Warranty Costs	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Accrued Warranty Costs	Accrued Warranty Costs The Company estimates the amount of warranty claims on sold products that may be incurred based on current and historical data. The actual warranty expense could differ from the estimates made by the Company based on product performance. The following table presents the changes in the Company’s product warranty liability for the three months ended March 31, 2016 and 2015 : 2016 2015 (In millions) Balance at January 1, $ 6.1 $ 6.9 Claims paid (0.6 ) (1.2 ) Warranty expense, net 0.7 0.3 Balance at March 31, $ 6.2 $ 6.0

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Long-term debt consists of the following: Carrying Value at Issuance Date Maturity Date Interest Rate at March 31, 2016 March 31, 2016 December 31, 2015 (In millions) Senior Notes April 1, 2011 April 1, 2021 8.125 % $ 250.0 $ 250.0 Revolving credit — July 31, 2019 2.15 % 164.6 169.0 Term loan — July 31, 2019 2.63 % 26.7 27.9 Other, including capital leases Various Various Various 24.1 21.2 Less current maturities (21.5 ) (17.8 ) Less unamortized debt issuance costs (1) $ (4.3 ) $ (4.5 ) Total long-term debt, net $ 439.6 $ 445.8 (1) Prior to the adoption of ASU 2015-03, debt issuance costs of $4.5 million were previously reflected in the December 31, 2015 consolidated balance sheet as other assets. On October 21, 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority. The agreement provides the Company the ability to borrow up to $11.0 million for expansion of its manufacturing facility in Arkansas. The loan matures in September 2025. The Company had no borrowings under this agreement as of March 31, 2016 . On August 13, 2015, the Company entered into a Capital Lease Agreement (the “Lease Agreement”). The Lease Agreement provides the Company up to $50.0 million for capital leases. Capital lease obligations of $ 17.8 million were borrowed under the Lease Agreement to acquire machinery and equipment as of March 31, 2016 . On July 31, 2014, the Company entered into a sixth amendment and restatement of the credit agreement (the “Amended Credit Agreement”). The Amended Credit Agreement, among other things, increased the revolving credit facility to $230.0 million , provided a term loan and extended the maturity date of the borrowings under the Amended Credit Agreement to July 31, 2019. The revolving credit facility includes a Canadian sub-limit of $35.0 million and a European sub-limit of $25.0 million for borrowings in those locations. The Amended Credit Agreement was further amended in accordance with Amendments No. 1, 2, 3 and 4 to the Amended Credit Agreement, dated October 24, 2014, January 20, 2015, March 12, 2015 and April 22, 2016, respectively (collectively, the “Amendments”). The Amendments: • increase the revolving credit facility to $300.0 million ; • increase the inventory advance rate from 50% to 65% , reducing back to 50% on a pro-rata quarterly basis over 36 months commencing July 1, 2016; • reload the term loan up to $35.0 million , of which $26.7 million has been borrowed and is outstanding as of March 31, 2016; • increase the Canadian sub-limit up to $35.0 million ; • increase the European sub-limit up to $25.0 million ; and • provide minor pricing adjustments including pricing the first $35.0 million drawn on the revolving credit facility at LIBOR plus 3.50% , reducing automatically on a pro-rata quarterly basis over 36 months commencing July 1, 2016. At the Company’s election, domestic amounts borrowed under the revolving credit facility may be borrowed at either: • LIBOR plus 1.5% to 2.5% ; or • the bank’s prime lending rate minus 0.25% to 1.25% . At the Company's election, amounts borrowed under the term loan may be borrowed at either: • LIBOR plus 2.0% to 3.0% ; or • the bank’s prime lending rate minus 0.75% to plus 0.25% . The LIBOR-based interest rate is dependent on the Company’s debt service coverage ratio, as defined in the Amended Credit Agreement. Amounts borrowed under the Canadian revolving credit facility provided by the Amended Credit Agreement may be borrowed at either: • the Canadian deposit offered rate plus 1.5% to 2.5% ; • the Canadian prime lending rate plus 0.0% to 1.0% ; or • the U.S. base rate plus 0.0% to 1.0% . Under the Amended Credit Agreement, a detailed borrowing base formula provides borrowing availability to the Company based on percentages of eligible accounts receivable and inventory. The term loan is amortized based on a seven -year schedule with the balance due at maturity (July 31, 2019). The Amended Credit Agreement also reduced the commitment fee for the revolving credit facility. The following table represents fair value information of the Company's Senior Notes, classified as Level 1, at March 31, 2016 and December 31, 2015 . The fair value was estimated using quoted market prices. March 31, 2016 December 31, 2015 (In millions) Carrying amount $ 250.0 $ 250.0 Fair value $ 255.3 $ 263.4

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective income tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the Company updates the estimated annual effective income tax rate, and if the estimated income tax rate changes, a cumulative adjustment is made. The effective tax rate for the first three months of 2016 and 2015 was 35.7% and 36.6% , respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the three-months ended March 31, 2016, the Company recorded an increase to unrecognized tax benefits of approximately $0.1 million related to prior year tax positions and accrued interest. It is reasonably possible that within the next twelve months the amount of gross unrecognized tax benefits could be reduced by approximately $3.0 million as a result of the closure of tax statutes related to existing uncertain tax positions.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation A summary of stock option activity as of March 31, 2016 and changes during the first three months of 2016 is presented below: 2016 Number of Shares Weighted Average Weighted Aggregate (In whole shares) (In millions) Outstanding - beginning of year 60,000 $ 19.41 Granted — — Exercised — — Canceled or expired — — Outstanding - end of period 60,000 $ 19.41 1.6 years $ 1.4 Options exercisable 60,000 $ 19.41 1.6 years $ 1.4 A summary of restricted share activity for the three months ended March 31, 2016 is as follows: 2016 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 208,429 $ 36.61 120,000 $ 48.72 Granted 27,500 34.27 165,000 34.78 Vested (42,001 ) 20.64 — — Canceled or expired (834 ) 34.53 — — Outstanding - end of period 193,094 $ 39.76 285,000 $ 40.65 During the first quarter of 2016, 1,500 shares were awarded, vested and expensed at the time of the award. The value of the award was immaterial. Total stock-based compensation expense included in selling, general and administrative expenses during the first three months of 2016 and 2015 was $2.5 million and $1.6 million , respectively. As of March 31, 2016 , there was $14.7 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted average period of 1.7 years.

Commitments, Contingencies and

Commitments, Contingencies and Litigation Judgment	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Litigation Judgment	Commitments, Contingencies and Litigation Judgment The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. Although the Company cannot precisely predict the amount of any liability that may ultimately arise with respect to any of these matters, the Company records provisions when it considers the liability probable and reasonably estimable. Our provisions are based on historical experience and legal advice, reviewed quarterly and adjusted according to developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments about potential actions by third parties, such as regulators, courts, and state and federal legislatures. Changes in the amounts of our loss provisions, which can be material, affect our financial condition. Due to the inherent uncertainties in the process undertaken to estimate potential losses, we are unable to estimate an additional range of loss in excess of our accruals. While it is reasonably possible that such excess liabilities, if they were to occur, could be material to operating results in any given quarter or year of their recognition, we do not believe that it is reasonably possible that such excess liabilities would have a material adverse effect on our long-term results of operations, liquidity or consolidated financial position. Our subsidiaries are involved in a number of contractual and warranty related disputes. We believe that appropriate liabilities for these contingencies have been recorded; however, actual results may differ materially from our estimates. IPSCO Tubulars Inc. d/b/a TMK IPSCO sued Ajax Tocco Magnethermic Corporation (“ATM”), a subsidiary of Park-Ohio Holdings Corporation, in the United States District Court for the Eastern District of Arkansas claiming that equipment supplied by ATM for heat treating certain steel pipe at IPSCO's Blytheville, Arkansas facility did not perform as required by the contract. The complaint alleged causes of action for breach of contract, gross negligence and constructive fraud. IPSCO sought approximately $10.0 million in damages plus an unspecified amount of punitive damages. ATM denied the allegations. ATM subsequently obtained summary judgment on the constructive fraud claim, which was dismissed by the district court prior to trial. The remaining claims were the subject of a bench trial that occurred in May 2013. After IPSCO presented its case, the district court entered partial judgment in favor of ATM, dismissing the gross negligence claim, a portion of the breach of contract claim, and any claim for punitive damages. The trial proceeded with respect to the remainder of IPSCO's claim for breach of contract. In September 2013, the district court issued a judgment in favor of IPSCO in the amount of $5.2 million , which the Company recognized and accrued for at that time. IPSCO subsequently filed a motion seeking to recover $3.8 million in attorneys' fees and costs. The district court reserved ruling on that issue pending an appeal. In October 2013, ATM filed an appeal with the U.S. Court of Appeals for the Eighth Circuit seeking reversal of the judgment in favor of IPSCO. In November 2013, IPSCO filed a cross-appeal seeking reversal of the dismissal of its claim for gross negligence and punitive damages. The Eighth Circuit issued an opinion in March 2015 affirming in part, reversing in part, and remanding the case. It affirmed the district court's determination that ATM was liable for breach of contract. It also affirmed the district court's dismissal of IPSCO's claim for gross negligence and punitive damages. However, the Eighth Circuit reversed nearly all of the damages awarded by the district court and remanded for further findings on the issue of damages, including whether consequential damages are barred under the express language of the contract. Because IPSCO did not appeal the award of $5.2 million in its favor, those damages could be decreased, but could not be increased, on remand. On remand, the district court entered an order once again awarding IPSCO $5.2 million in damages. In December 2015, ATM filed a second appeal with the Eighth Circuit seeking reversal of the damages award. In March 2016, the district court issued an order granting, in part, IPSCO's motion for fees and costs and awarding $2.2 million to IPSCO, which the Company accrued for as of December 31, 2015. ATM has appealed that decision. In August 2013, the Company received a subpoena from the staff of the Securities and Exchange Commission (“SEC”) in connection with the staff’s investigation of a third party. At that time, the Company also learned that the U.S. Department of Justice (“DOJ”) is conducting a criminal investigation of the third party. In connection with its initial response to the staff’s subpoena, the Company disclosed to the staff of the SEC that, in November 2007, the third party participated in a payment on behalf of the Company to a foreign tax official that implicates the Foreign Corrupt Practices Act. The Board of Directors of the Company formed a special committee to review the Company’s transactions with the third party and to make any recommendations to the Board of Directors with respect thereto. The Company intends to cooperate fully with the SEC and the DOJ in connection with their investigations of the third party and with the SEC in light of the Company’s disclosure. The Company is unable to predict the outcome or impact of the special committee’s investigation or the length, scope or results of the SEC’s review or the impact on its results of operations.

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Pension Plans and Other Postretirement Benefits	Pension Plans and Other Postretirement Benefits The components of net periodic benefit (gains) costs recognized during interim periods were as follows: Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2016 2015 2016 2015 (In millions) Service costs $ 0.6 $ 0.6 $ — $ — Interest costs 0.5 0.6 0.1 0.1 Expected return on plan assets (2.4 ) (2.5 ) — — Recognized net actuarial loss 0.3 — 0.1 0.2 Net periodic benefit (gains) costs $ (1.0 ) $ (1.3 ) $ 0.2 $ 0.3

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Beginning balance $ (16.9 ) $ (13.1 ) $ (30.0 ) Foreign currency translation adjustments (a) 2.6 — 2.6 Pension and OPEB activity, net of tax adjustments (b) — 0.2 0.2 Ending balance $ (14.3 ) $ (12.9 ) $ (27.2 ) Three Months Ended March 31, 2015 Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Beginning balance $ (5.1 ) $ (8.9 ) $ (14.0 ) Foreign currency translation adjustments (a) (5.3 ) — (5.3 ) Pension and OPEB activity, net of tax adjustments (b) — 0.2 0.2 Ending balance $ (10.4 ) $ (8.7 ) $ (19.1 ) (a) No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently invested. (b) The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expense.

Weighted-Average Number of Shar

Weighted-Average Number of Shares Used in Computing Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Weighted-Average Number of Shares Used in Computing Earnings Per Share	Weighted-Average Number of Shares Used in Computing Earnings Per Share The following table sets forth the weighted-average number of shares used in the computation of earnings per share: Three Months Ended March 31, 2016 2015 (In whole shares) Weighted average basic shares outstanding 12,076,815 12,165,884 Plus dilutive impact of employee stock awards 139,777 257,574 Weighted average diluted shares outstanding 12,216,592 12,423,458 Earnings per common share is computed as net income less net income attributable to noncontrolling interests divided by the weighted average basic shares outstanding. Diluted earnings per common share is computed as net income less net income attributable to noncontrolling interests divided by the weighted average diluted shares outstanding. Outstanding stock options with exercise prices greater than the average price of the common shares are anti-dilutive and are excluded in the computation of diluted earnings per share. For the three months ended March 31, 2016 , there were 73,409 anti-dilutive shares. There were no anti-dilutive shares for the three months ended March 31, 2015.

Asset Impairment

Asset Impairment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Asset Impairment	Asset Impairment In the first quarter of 2016, due to sales volume declines in certain programs with an automotive customer within the Assembly Components segment, the Company evaluated its long-lived assets in accordance with Accounting Standards Update (“ASU”) 360 "Property, Plant and Equipment." The Company determined whether the carrying amount of its long-lived assets with a net book value of $ 5.2 million was recoverable by comparing the carrying amount to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. As the carrying value of the assets exceeded the expected undiscounted cash flows, the Company estimated the fair value of these assets to determine whether impairment existed. The fair value of the assets was estimated, using Level 2 inputs, based on the expected sale proceeds of similar machinery and equipment as determined using third party quotes and appraisals. As a result of the Company's analysis, the Company recorded an asset impairment charge of $ 4.0 million . In addition to the assets identified above, the Company also has leased assets associated with the programs mentioned above. The Company anticipates recognizing lease exit costs, which are not expected to be material, in the period that an early termination from the operating leases is entered into or when the Company ceases the use of the assets.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On April 22, 2016, the Company further amended the Amended Credit Agreement to increase the credit facility from $275.0 million to $300.0 million ; increase the inventory advance rate to 65% , which reduces back to 50% on a pro-rata quarterly basis over 36 months commencing July 1, 2016; increase the Canadian sub-limit to $35.0 million and provide minor pricing adjustments. On April 28, 2016, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend will be paid on May 27, 2016 to shareholders of record as of the close of business on May 13, 2016 and will result in a cash outlay of approximately $1.5 million .

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements	Accounting Pronouncements Adopted In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” The amendment requires an entity to present debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the debt issuance costs will continue to be reported as interest expense. In August 2015, the FASB issued an amendment to this standard to address line of credit arrangements, which would allow an entity to present debt issuance costs as an asset and subsequently amortize the debt issuance costs ratably over the term of the line of credit arrangement. The Company adopted this ASU during the first quarter of 2016 and applied this standard retrospectively to 2015. The new guidance only impacted the presentation of the Company's financial position and did not materially affect the Company's results of operations or other financial statement disclosures. Refer to Note 9 for the impact on our consolidated balance sheets. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” The amendments in this update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The Company adopted this ASU during the first quarter of 2016. There was no impact to our consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which was the result of a joint project by the FASB and International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. generally accepted accounting principles and International Financial Reporting Standards. The issuance of a comprehensive and converged standard on revenue recognition is expected to enable financial statement users to better understand and consistently analyze an entity’s revenue across industries, transactions, and geographies. The ASU will require additional disclosures to help financial statement users better understand the nature, amount, timing, and potential uncertainty of the revenue that is recognized. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The ASU will require either retrospective application to each prior reporting period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. The Company is currently evaluating the impact of adopting this guidance. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory." The amendment requires an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. This ASU is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The new guidance will be applied prospectively. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The FASB also is addressing measurement of credit losses on financial assets in a separate project. This ASU is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is not permitted. The new guidance will be applied prospectively. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” The amendment establishes a comprehensive new lease accounting model. The new standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than twelve months. This ASU is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial application. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the FASB issued ASU 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The amendment simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The ASU is effective for fiscal years beginning with the first quarter of 2017, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance.

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Results by business segment	Results by business segment were as follows: Three Months Ended 2016 2015 (In millions) Net sales: Supply Technologies $ 129.9 $ 151.4 Assembly Components 131.7 140.5 Engineered Products 66.4 82.8 $ 328.0 $ 374.7 Income before income taxes: Supply Technologies $ 10.2 $ 14.2 Assembly Components 10.2 10.6 Engineered Products 1.4 6.2 Total segment operating income 21.8 31.0 Corporate costs (6.5 ) (6.7 ) Asset impairment (4.0 ) — Interest expense (7.1 ) (6.8 ) Income before income taxes $ 4.2 $ 17.5 March 31, 2016 December 31, 2015 (In millions) Identifiable assets: Supply Technologies $ 275.7 $ 276.3 Assembly Components 346.1 344.8 Engineered Products 271.3 243.1 General corporate 67.2 77.9 $ 960.3 $ 942.1

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Schedule of accounts receivable sold and losses recorded on the sales	The following table summarizes accounts receivable sold and the losses recorded on the sales of accounts receivable. Three Months Ended March 31, 2016 2015 (In millions) Accounts receivable sold $ 21.2 $ 26.1 Loss on sale of accounts receivable $ (0.1 ) $ (0.1 )

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Components of inventory	The components of inventory consist of the following: March 31, 2016 December 31, 2015 (In millions) Finished goods $ 147.0 $ 147.5 Work in process 39.4 37.4 Raw materials and supplies 67.0 64.1 Inventories, net $ 253.4 $ 249.0

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The changes in the carrying amount of goodwill by segment for the periods ended March 31, 2016 and December 31, 2015 were as follows: Supply Technologies Assembly Components Engineered Products Total (In millions) Balance at January 1, 2015 $ 7.6 $ 54.0 $ 27.9 $ 89.5 Acquisition adjustments — 0.1 (6.3 ) (6.2 ) Foreign currency translation (0.4 ) — (0.9 ) (1.3 ) Balance at December 31, 2015 7.2 54.1 20.7 82.0 Foreign currency translation (0.1 ) — 0.6 0.5 Balance at March 31, 2016 $ 7.1 $ 54.1 $ 21.3 $ 82.5

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	Information regarding other intangible assets as of March 31, 2016 and December 31, 2015 follows: March 31, 2016 December 31, 2015 Weighted Average Useful Life Acquisition Cost Accumulated Amortization Net Acquisition Cost Accumulated Amortization Net (In millions) Non-contractual customer relationships 11.8 years $ 76.4 $ 19.8 $ 56.6 $ 76.0 $ 18.5 $ 57.5 Indefinite-lived tradenames * 18.7 * 18.7 18.7 * 18.7 Technology 18.6 years 16.1 1.2 14.9 15.9 0.9 15.0 Other 8.7 years 4.1 2.7 1.4 4.1 2.5 1.6 Total $ 115.3 $ 23.7 $ 91.6 $ 114.7 $ 21.9 $ 92.8 * Not applicable, tradenames have an indefinite life.
Schedule of indefinite-lived intangible assets	Information regarding other intangible assets as of March 31, 2016 and December 31, 2015 follows: March 31, 2016 December 31, 2015 Weighted Average Useful Life Acquisition Cost Accumulated Amortization Net Acquisition Cost Accumulated Amortization Net (In millions) Non-contractual customer relationships 11.8 years $ 76.4 $ 19.8 $ 56.6 $ 76.0 $ 18.5 $ 57.5 Indefinite-lived tradenames * 18.7 * 18.7 18.7 * 18.7 Technology 18.6 years 16.1 1.2 14.9 15.9 0.9 15.0 Other 8.7 years 4.1 2.7 1.4 4.1 2.5 1.6 Total $ 115.3 $ 23.7 $ 91.6 $ 114.7 $ 21.9 $ 92.8 * Not applicable, tradenames have an indefinite life.
Information regarding amortization expense	Information regarding amortization expense of other intangible assets follows: Three Months Ended March 31, 2016 2015 (In millions) Amortization expense $ 1.6 $ 1.7

Accrued Warranty Costs (Tables)

Accrued Warranty Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Changes in product warranty liability	The following table presents the changes in the Company’s product warranty liability for the three months ended March 31, 2016 and 2015 : 2016 2015 (In millions) Balance at January 1, $ 6.1 $ 6.9 Claims paid (0.6 ) (1.2 ) Warranty expense, net 0.7 0.3 Balance at March 31, $ 6.2 $ 6.0

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consists of the following: Carrying Value at Issuance Date Maturity Date Interest Rate at March 31, 2016 March 31, 2016 December 31, 2015 (In millions) Senior Notes April 1, 2011 April 1, 2021 8.125 % $ 250.0 $ 250.0 Revolving credit — July 31, 2019 2.15 % 164.6 169.0 Term loan — July 31, 2019 2.63 % 26.7 27.9 Other, including capital leases Various Various Various 24.1 21.2 Less current maturities (21.5 ) (17.8 ) Less unamortized debt issuance costs (1) $ (4.3 ) $ (4.5 ) Total long-term debt, net $ 439.6 $ 445.8 (1) Prior to the adoption of ASU 2015-03, debt issuance costs of $4.5 million were previously reflected in the December 31, 2015 consolidated balance sheet as other assets.
Fair value of debt	The following table represents fair value information of the Company's Senior Notes, classified as Level 1, at March 31, 2016 and December 31, 2015 . The fair value was estimated using quoted market prices. March 31, 2016 December 31, 2015 (In millions) Carrying amount $ 250.0 $ 250.0 Fair value $ 255.3 $ 263.4

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock option activity	A summary of stock option activity as of March 31, 2016 and changes during the first three months of 2016 is presented below: 2016 Number of Shares Weighted Average Weighted Aggregate (In whole shares) (In millions) Outstanding - beginning of year 60,000 $ 19.41 Granted — — Exercised — — Canceled or expired — — Outstanding - end of period 60,000 $ 19.41 1.6 years $ 1.4 Options exercisable 60,000 $ 19.41 1.6 years $ 1.4
Summary of restricted share and performance share activity	A summary of restricted share activity for the three months ended March 31, 2016 is as follows: 2016 Time-Based Performance-Based Number of Shares Weighted Average Number of Shares Weighted Average (In whole shares) (In whole shares) Outstanding - beginning of year 208,429 $ 36.61 120,000 $ 48.72 Granted 27,500 34.27 165,000 34.78 Vested (42,001 ) 20.64 — — Canceled or expired (834 ) 34.53 — — Outstanding - end of period 193,094 $ 39.76 285,000 $ 40.65

Pension Plans and Other Postr34

Pension Plans and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit cost	The components of net periodic benefit (gains) costs recognized during interim periods were as follows: Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2016 2015 2016 2015 (In millions) Service costs $ 0.6 $ 0.6 $ — $ — Interest costs 0.5 0.6 0.1 0.1 Expected return on plan assets (2.4 ) (2.5 ) — — Recognized net actuarial loss 0.3 — 0.1 0.2 Net periodic benefit (gains) costs $ (1.0 ) $ (1.3 ) $ 0.2 $ 0.3

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Changes in accumulated comprehensive income (loss)	The components of and changes in accumulated other comprehensive loss for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Beginning balance $ (16.9 ) $ (13.1 ) $ (30.0 ) Foreign currency translation adjustments (a) 2.6 — 2.6 Pension and OPEB activity, net of tax adjustments (b) — 0.2 0.2 Ending balance $ (14.3 ) $ (12.9 ) $ (27.2 ) Three Months Ended March 31, 2015 Cumulative Translation Adjustment Pension and Postretirement Benefits Total (In millions) Beginning balance $ (5.1 ) $ (8.9 ) $ (14.0 ) Foreign currency translation adjustments (a) (5.3 ) — (5.3 ) Pension and OPEB activity, net of tax adjustments (b) — 0.2 0.2 Ending balance $ (10.4 ) $ (8.7 ) $ (19.1 ) (a) No income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently invested. (b) The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expense.

Weighted-Average Number of Sh36

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of weighted average number of shares used in computing earnings per share	The following table sets forth the weighted-average number of shares used in the computation of earnings per share: Three Months Ended March 31, 2016 2015 (In whole shares) Weighted average basic shares outstanding 12,076,815 12,165,884 Plus dilutive impact of employee stock awards 139,777 257,574 Weighted average diluted shares outstanding 12,216,592 12,423,458

Segments (Narrative) (Details)

Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segments (Schedule of Segment I

Segments (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Net sales:
Net sales	$ 328	$ 374.7
Income before income taxes:
Total segment operating income	11.3	24.3
Asset impairment	(4)	0
Interest expense	(7.1)	(6.8)
Income before income taxes	4.2	17.5
Identifiable assets:
Identifiable assets	960.3		$ 942.1
Operating Segments
Net sales:
Net sales	328	374.7
Income before income taxes:
Total segment operating income	21.8	31
Operating Segments | Supply Technologies
Net sales:
Net sales	129.9	151.4
Income before income taxes:
Total segment operating income	10.2	14.2
Identifiable assets:
Identifiable assets	275.7		276.3
Operating Segments | Assembly Components
Net sales:
Net sales	131.7	140.5
Income before income taxes:
Total segment operating income	10.2	10.6
Identifiable assets:
Identifiable assets	346.1		344.8
Operating Segments | Engineered Products
Net sales:
Net sales	66.4	82.8
Income before income taxes:
Total segment operating income	1.4	6.2
Identifiable assets:
Identifiable assets	271.3		243.1
Segment Reconciling Items
Income before income taxes:
Corporate costs	(6.5)	(6.7)
Interest expense	(7.1)	$ (6.8)
General corporate
Identifiable assets:
Identifiable assets	$ 67.2		$ 77.9

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Receivables [Abstract]
Accounts receivable sold	$ 21.2	$ 26.1
Loss on sale of accounts receivable	$ (0.1)	$ (0.1)

Inventories (Components of Inve

Inventories (Components of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Components of inventory
Finished goods	$ 147	$ 147.5
Work in process	39.4	37.4
Raw materials and supplies	67	64.1
Inventories, net	$ 253.4	$ 249

Goodwill (Change in Goodwill) (

Goodwill (Change in Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 82	$ 89.5
Acquisition adjustments		(6.2)
Foreign currency translation	0.5	(1.3)
Goodwill, end of period	82.5	82
Supply Technologies
Goodwill [Roll Forward]
Goodwill, beginning of period	7.2	7.6
Acquisition adjustments		0
Foreign currency translation	(0.1)	(0.4)
Goodwill, end of period	7.1	7.2
Assembly Components
Goodwill [Roll Forward]
Goodwill, beginning of period	54.1	54
Acquisition adjustments		0.1
Foreign currency translation	0	0
Goodwill, end of period	54.1	54.1
Engineered Products
Goodwill [Roll Forward]
Goodwill, beginning of period	20.7	27.9
Acquisition adjustments		(6.3)
Foreign currency translation	0.6	(0.9)
Goodwill, end of period	$ 21.3	$ 20.7

Other Intangible Assets (Schedu

Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Acquisition Costs, Total	$ 115.3	$ 114.7
Accumulated Amortization	23.7	21.9
Net, Total	91.6	92.8
Indefinite-lived tradenames
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Acquisition Costs, Indefinite-lived	$ 18.7	18.7
Non-contractual customer relationships [Member]
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted Average Useful Life	11 years 9 months 17 days
Acquisition Costs, Finite-lived	$ 76.4	76
Accumulated Amortization	19.8	18.5
Net, Finite-lived	$ 56.6	57.5
Technology
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted Average Useful Life	18 years 7 months 7 days
Acquisition Costs, Finite-lived	$ 16.1	15.9
Accumulated Amortization	1.2	0.9
Net, Finite-lived	$ 14.9	15
Other
Acquired Finite And Indefinite Lived Intangible Assets [Line Items]
Weighted Average Useful Life	8 years 8 months 4 days
Acquisition Costs, Finite-lived	$ 4.1	4.1
Accumulated Amortization	2.7	2.5
Net, Finite-lived	$ 1.4	$ 1.6

Other Intangible Assets (Amorti

Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.6	$ 1.7

Accrued Warranty Costs (Details

Accrued Warranty Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in product warranty liability [Roll Forward]
Balance at beginning of period	$ 6.1	$ 6.9
Claims paid	(0.6)	(1.2)
Warranty expense, net	0.7	0.3
Balance at end of period	$ 6.2	$ 6

Financing Arrangements (Schedul

Financing Arrangements (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Less current maturities	$ (21.5)	$ (17.8)
Unamortized debt issuance costs	(4.3)	(4.5)
Total long-term debt, net of current portion	$ 439.6	445.8
Revolving credit
Debt Instrument [Line Items]
Interest rate at end of period	2.15%
Total debt	$ 164.6	169
Term Loan
Debt Instrument [Line Items]
Interest rate at end of period	2.63%
Total debt	$ 26.7	27.9
8.125% senior notes due 2021
Debt Instrument [Line Items]
Stated interest rate	8.125%
Total debt	$ 250	250
Other
Debt Instrument [Line Items]
Total debt	$ 24.1	21.2
Other Noncurrent Assets | Scenario, Previously Reported
Debt Instrument [Line Items]
Debt Issuance Costs, Net		$ 4.5

Financing Arrangements (Fair Va

Financing Arrangements (Fair Value of Debt) (Details) - Level 1 - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount	$ 250	$ 250
Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 255.3	$ 263.4

Financing Arrangements (Narrati

Financing Arrangements (Narrative) (Details) - USD ($)	Apr. 22, 2016	Jul. 31, 2014	Mar. 31, 2016	Oct. 21, 2015	Aug. 13, 2015	Mar. 12, 2015	Oct. 23, 2014
Maximum
Line of Credit Facility [Line Items]
Capital lease obligations					$ 50,000,000
The Amended Credit Agreement | Revolving credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 230,000,000
Term of debt instrument		7 years
Inventory advance rate percentage							50.00%
The Amended Credit Agreement | Revolving Credit Facility, Canadian Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 35,000,000
The Amended Credit Agreement | Revolving Credit Facility, European Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25,000,000
The Amended Credit Agreement | LIBOR | Revolving credit | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		1.50%
The Amended Credit Agreement | LIBOR | Revolving credit | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		2.50%
The Amended Credit Agreement | LIBOR | Term Loan | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		2.00%
The Amended Credit Agreement | LIBOR | Term Loan | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		3.00%
The Amended Credit Agreement | Prime lending rate | Revolving credit | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		(0.25%)
The Amended Credit Agreement | Prime lending rate | Revolving credit | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		(1.25%)
The Amended Credit Agreement | Prime lending rate | Term Loan | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		(0.75%)
The Amended Credit Agreement | Prime lending rate | Term Loan | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		0.25%
The Amended Credit Agreement | Canadian deposit offered rate | Revolving Credit Facility, Canadian Sub-Limit | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		1.50%
The Amended Credit Agreement | Canadian deposit offered rate | Revolving Credit Facility, Canadian Sub-Limit | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		2.50%
The Amended Credit Agreement | Canadian prime lending rate | Revolving Credit Facility, Canadian Sub-Limit | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		0.00%
The Amended Credit Agreement | Canadian prime lending rate | Revolving Credit Facility, Canadian Sub-Limit | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		1.00%
The Amended Credit Agreement | US base rate | Revolving Credit Facility, Canadian Sub-Limit | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		0.00%
The Amended Credit Agreement | US base rate | Revolving Credit Facility, Canadian Sub-Limit | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)		1.00%
Amendment No. 1 to the Amended Credit Agreement | Revolving credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 275,000,000
Amendment No. 1 to the Amended Credit Agreement | Term Loan
Line of Credit Facility [Line Items]
Amount drawn			$ 26,700,000
Southwest Steel Processing LLC | Arkansas Development Finance Authority
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 11,000,000
Amount drawn			0
Machinery and Equipment
Line of Credit Facility [Line Items]
Capital lease obligations			$ 17,800,000
Subsequent Event | The Amended Credit Agreement | Revolving credit
Line of Credit Facility [Line Items]
Inventory advance rate percentage	65.00%
Subsequent Event | Amendment No. 1 to the Amended Credit Agreement | Revolving credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000
Amount drawn	$ 35,000,000
Inventory advance rate percentage to be reduced to	50.00%
Term over which inventory advance rate percentage reduces	36 months
Term over which basis spread on variable interest rate reduces	36 months
Subsequent Event | Amendment No. 1 to the Amended Credit Agreement | Revolving Credit Facility, Canadian Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 35,000,000
Subsequent Event | Amendment No. 1 to the Amended Credit Agreement | Revolving Credit Facility, European Sub-Limit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	25,000,000
Subsequent Event | Amendment No. 1 to the Amended Credit Agreement | Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 35,000,000
Subsequent Event | Amendment No. 1 to the Amended Credit Agreement | LIBOR | Revolving credit
Line of Credit Facility [Line Items]
Basis spread on variable interest rate - plus (minus)	3.50%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	35.70%	36.60%
Unrecognized tax benefits increase related to prior year tax positions	$ 0.1
Decrease in unrecognized tax benefits is reasonable possible within the next twelve months	$ 3

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Number of Shares [Roll Forward]
Outstanding - beginning of year, number of shares | shares	60,000
Granted, number of shares | shares	0
Exercised, number of shares | shares	0
Canceled or expired, number of shares | shares	0
Outstanding - end of year, number of shares | shares	60,000
Options exercisable, number of shares | shares	60,000
Weighted Average Exercise Price [Abstract]
Outstanding - beginning of year, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 19.41
Granted, Weighted Average Exercise Price (in dollars per share) | $ / shares	0
Exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares	0
Canceled or Expired, Weighted Average Exercise Price (in dollars per share) | $ / shares	0
Outstanding - end of year, Weighted Average Exercise Price (in dollars per share) | $ / shares	19.41
Options Exercisable - end of year, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 19.41
Outstanding - end of year, weighted average remaining contractual term	1 year 7 months
Options Exercisable, Weighted Average remaining contractual term	1 year 7 months
Outstanding - end of year, Aggregate intrinsic value | $	$ 1.4
Options Exercisable, Aggregate intrinsic value | $	$ 1.4

Stock-Based Compensation (Sum50

Stock-Based Compensation (Summary of Restricted Share and Performance Share Activity) (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Number of Shares [Roll Forward]
Granted, number of shares	1,500
Vested, number of shares	(1,500)
Time-Based
Number of Shares [Roll Forward]
Outstanding - beginning of year, number of shares	208,429
Granted, number of shares	27,500
Vested, number of shares	(42,001)
Canceled or expired, number of shares	(834)
Outstanding - end of year, number of shares	193,094
Weighted Average Grant Date Fair Value [Abstract]
Outstanding - beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 36.61
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	34.27
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	20.64
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares	34.53
Outstanding - end of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 39.76
Performance-Based
Number of Shares [Roll Forward]
Outstanding - beginning of year, number of shares	120,000
Granted, number of shares	165,000
Vested, number of shares	0
Canceled or expired, number of shares	0
Outstanding - end of year, number of shares	285,000
Weighted Average Grant Date Fair Value [Abstract]
Outstanding - beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 48.72
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	34.78
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	0
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ / shares	0
Outstanding - end of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 40.65

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of shares granted	1,500
Number of shares vested	1,500
Stock-based compensation expense	$ 2.5	$ 1.6
Unrecognized compensation cost related to non-vested stock-based compensation	$ 14.7
Weighted average period	1 year 8 months

Commitments, Contingencies an52

Commitments, Contingencies and Litigation Judgment (Details) - TMK IPSCO - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2016	Sep. 30, 2013	May. 31, 2013
Loss Contingencies [Line Items]
Direct damages sought			$ 10
Damages awarded	$ 2.2	$ 5.2
Additional damages sought		$ 3.8

Pension Plans and Other Postr53

Pension Plans and Other Postretirement Benefits (Components of net periodic benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits [Member]
Components of net periodic benefit cost
Service costs	$ 0.6	$ 0.6
Interest costs	0.5	0.6
Expected return on plan assets	(2.4)	(2.5)
Recognized net actuarial loss	0.3	0
Net periodic benefit (gains) costs	(1)	(1.3)
Postretirement Benefits [Member]
Components of net periodic benefit cost
Service costs	0	0
Interest costs	0.1	0.1
Expected return on plan assets	0	0
Recognized net actuarial loss	0.1	0.2
Net periodic benefit (gains) costs	$ 0.2	$ 0.3

Accumulated Other Comprehensi54

Accumulated Other Comprehensive Loss (Components of accumulated comprehensive loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (30)
Ending balance	(27.2)
Cumulative Translation Adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(16.9)	$ (5.1)
Foreign currency translation adjustments	2.6	(5.3)
Recognition of actuarial loss	0	0
Ending balance	(14.3)	(10.4)
Pension and Postretirement Benefits
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(13.1)	(8.9)
Foreign currency translation adjustments	0	0
Recognition of actuarial loss	0.2	0.2
Ending balance	(12.9)	(8.7)
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(30)	(14)
Foreign currency translation adjustments	2.6	(5.3)
Recognition of actuarial loss	0.2	0.2
Ending balance	$ (27.2)	$ (19.1)

Weighted-Average Number of Sh55

Weighted-Average Number of Shares Used in Computing Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted average basic shares outstanding	12,076,815	12,165,884
Plus dilutive impact of employee stock awards	139,777	257,574
Weighted average diluted shares outstanding	12,216,592	12,423,458
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive shares	73,409	0

Asset Impairment (Details)

Asset Impairment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Net book value of long-lived assets	$ 5.2
Asset impairment	$ 4	$ 0

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Apr. 28, 2016	Apr. 22, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 12, 2015	Oct. 23, 2014	Jul. 31, 2014
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share)			$ 0.125	$ 0.125
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividend declared, per common share (in dollars per share)	$ 0.125
Quarterly dividend declared, cash outlay	$ 1,500,000
Amendment No. 1 to the Amended Credit Agreement | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 275,000,000
Amendment No. 1 to the Amended Credit Agreement | Revolving Credit Facility [Member] | Subsequent Event
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 300,000,000
Inventory advance rate percentage to be reduced to		50.00%
Term over which inventory advance rate percentage reduces		36 months
Amendment No. 1 to the Amended Credit Agreement | Revolving Credit Facility, Canadian Sub-Limit | Subsequent Event
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 35,000,000
The Amended Credit Agreement | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 230,000,000
Inventory advance rate percentage						50.00%
The Amended Credit Agreement | Revolving Credit Facility [Member] | Subsequent Event
Subsequent Event [Line Items]
Inventory advance rate percentage		65.00%
The Amended Credit Agreement | Revolving Credit Facility, Canadian Sub-Limit
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 35,000,000